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NY A07954
Bill
Status
5/25/2011
Primary Sponsor
Nick Perry
Click for details
AI Summary
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Banks and financial institutions must continue mortgage modification processes until completion, even if the mortgage is sold, transferred, or bundled into a security package during negotiations
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If a mortgage is sold or transferred while modification is pending, it is automatically deemed modified according to the modification application, and the purchaser must accept the modification terms and interest rate in effect at processing
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The purchaser of a transferred mortgage assumes all rights and responsibilities necessary to comply with the modified loan terms
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These provisions apply only to mortgage loans that are three months or older at the time of the modification process
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The act takes effect 90 days after becoming law
Legislative Description
Requires banks and financial institutions entering into negotiations to modify a mortgage on real property located in this state to be responsible for the continuation of the modification process until its completion regardless of whether the mortgage is sold.
Last Action
referred to banks
1/4/2012